Despite its ongoing dispute with the Bangladesh Telecommunication Regulatory Commission over unpaid dues, the top mobile operator’s net profit also increased by two percent
The revenue of Grameenphone Limited has increased by 10 percent in the first nine months of this year, compared to that earned during the same period last year.
Despite the ongoing dispute between the country's top mobile operator and the Bangladesh Telecommunication Regulatory Commission over unpaid dues, Grameenphone's net profit also increased by two percent.
From January-September, Grameenphone secured Tk10,749 crore in revenues and net profit of Tk2,531crore. Earnings per share of the company stood at Tk18.75.
At this time last year, its revenue had been Tk9,813 crore, net profit had been Tk2,481 crore, while its earnings per share stood at Tk18.38.
Grameenphone also reported a six percent growths in subscriptions from December 2018 to September 2019, according to a press release. At present, the total number of subscribers of the company is almost eight crore, of which four crore are internet subscribers.
"In spite of the dispute with the Bangladesh Telecommunication Regulatory Commission, Grameenphone's business has improved," said Michael Patrick Foley, CEO of Grameenphone Limited.
However, the telecom regulator has stopped issuing No Objection Certificates for Grameenphone, resulting in only Tk1,000 crore being invested in network and business expansion.
"Although there are obstacles, Grameenphone will keep working to ensure the security of shareholders, provide good customer service and strong network management," Foley added.
Jens Becker, the chief financial officer of Grameenphone, said the company has deposited a total of Tk6,140 crore to the government treasury in taxes, duties, fees and VAT.
The share price of Grameenphone dropped by 1.32 percent in the Dhaka Stock Exchange on Monday. The closing price of its share was Tk315.40.
Since the dispute with the telecom regulator began, share prices of Grameenphone dropped by 21 percent in the last three months.
Grameenphone sources said that based on the audit by the telecom regulator, the company has been accused of not paying dues, along with interest, of Tk12,580 crore. The regulatory body issued a letter on April 2, 2019 in this regard, asking Grameenphone to pay the dues within 10 days.
However, as Grameenphone did not pay the dues within the deadline, the telecom regulator issued a notice asking why the license of Grameenphone should not be suspended. Moreover, the regulatory body also barred the company from rolling out new products or services and from importing new network equipment.
Grameenphone later appealed to the High Court against this decision. The court issued a stay order on the decision for two months. November 5 has been fixed as the date for the next hearing.
The Bangladesh Telecommunication Regulatory Commission also appealed to the court to halt the stay order. The hearing on this will be held at the Appellate Division on October 24.